iQIYI (NASDAQ:IQ) Hits New 1-Year Low - Here's What Happened

Key Points

• iQIYI shares fell 4.7% to a new 52-week low, trading as low as $0.856 and last at $0.846, below both their 50-day and 200-day moving averages.
• Analyst sentiment remains cautious: the stock has a consensus “Hold” rating, with one Buy, four Hold, and one Sell rating; the average price target is $1.73.
• Institutional investors own 52.69% of iQIYI, with several funds increasing their positions or initiating new stakes during the first and second quarters.

iQIYI, Inc. Sponsored ADR (NASDAQ:IQ - Get Free Report) shares hit a new 52-week low during trading on Tuesday. The stock traded as low as $0.8560 and last traded at $0.8460, with a volume of 493,977 shares traded. The stock had previously closed at $0.8770.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on IQ shares. The Goldman Sachs Group reiterated a "neutral" rating and issued a $1.40 price target on shares of iQIYI in a research note on Thursday, August 20th. JPMorgan Chase & Co. lowered their price objective on iQIYI from $2.20 to $1.20 and set a "neutral" rating on the stock in a research note on Thursday, August 20th. Wall Street Zen upgraded iQIYI from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 22nd. Weiss Ratings reaffirmed a "sell (d)" rating on shares of iQIYI in a report on Monday, September 21st. Finally, Benchmark reiterated a "hold" rating on shares of iQIYI in a research report on Wednesday, August 19th. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $1.73.

iQIYI Trading Down 4.7%

The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.45 and a current ratio of 0.45. The stock has a market capitalization of $806.67 million, a P/E ratio of -7.00 and a beta of 0.13. The firm's fifty day simple moving average is $0.99 and its 200 day simple moving average is $1.29.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio lifted its stake in shares of iQIYI by 2.5% in the 1st quarter. Public Employees Retirement System of Ohio now owns 366,300 shares of the company's stock valued at $495,000 after purchasing an additional 8,900 shares during the period. Bank of New York Mellon Corp boosted its position in shares of iQIYI by 4.4% during the 1st quarter. Bank of New York Mellon Corp now owns 534,118 shares of the company's stock valued at $721,000 after purchasing an additional 22,662 shares in the last quarter. Tidal Investments LLC acquired a new stake in iQIYI during the second quarter worth approximately $58,000. Squarepoint Ops LLC grew its stake in iQIYI by 831.3% during the second quarter. Squarepoint Ops LLC now owns 594,856 shares of the company's stock worth $619,000 after purchasing an additional 530,983 shares during the period. Finally, Triata Capital Ltd acquired a new stake in iQIYI during the second quarter worth approximately $1,152,419. 52.69% of the stock is owned by institutional investors.

About iQIYI

iQIYI, Inc is a Chinese online entertainment company that operates the iQIYI streaming platform. The company provides internet video services, including professionally produced television dramas, films, variety shows, documentaries, anime and other entertainment programming. Its content is available through websites and mobile applications, with offerings supported by subscription memberships, advertising and other content-related services.

iQIYI develops and licenses content, including original productions created through its in-house studios and programming obtained from external producers and rights holders.

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